MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2017

Mortgage loans held-for-sale Disclosure [Abstract]

Carrying Value of Mortgage Loans Held-for-Sale

The following table presents the carrying value of the Company’s mortgage loans held-for-sale as of June 30, 2017 and December 31, 2016:

	June 30, 2017			December 31, 2016
Amortized cost	$	2,824,746		$	2,867,263
Fair value adjustment	(28,795		)	(17,727		)
Carrying value	$	2,795,951		$	2,849,536

Geographic Concentrations

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017		December 31, 2016
Texas	56.3	%	56.0	%
Kentucky	24.5	%	24.4	%
North Carolina	19.2	%	19.6	%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017			December 31, 2016
New York	16.2	%	Texas	17.9	%
Texas	15.3	%	New York	15.7	%
Washington	8.6	%	Washington	8.4	%
Colorado	7.7	%	Colorado	7.5	%
Georgia	5.7	%	Georgia	5.5	%